24 September 2015 – El Confidencial
Axiare Patrimonio has obtained more financing to fulfil its business plan, increase its real estate portfolio and continue growing as a company. The Socimi has just closed a bilateral financing agreement with CaixaBank through which it will receive €30 million, which it will invest in the acquisition of new prime real estate assets allocated for tertiary use, primarily in Madrid and Barcelona.
The operation has a 15-year term and represents an LTV of 50%, in line with the objective set by the company and reported in its prospectus for the €395 million capital increase that it completed in June.
With this new agreement, the company has covered the financing plan forecast for the assets in the portfolio acquired before the capital increase and which represents funding of €294 million. During the summer alone, the entity secured funding amounting to more than €100 million through three financing operations with Santander (€42.3 million), Bankinter (€27.4 million) and ING Bank (€37.3 million). (…).
The financed properties belong to the portfolio of prime offices that the company owns in Madrid. One of its properties, on Calle Fernando El Santo (pictured above) is a Class A office building that has been fully renovated and is classified as a building of historical and artistic interest – it is located on the central Madrilenian thoroughfare of the Paseo de la Castellana, has a gross leasable area of 3,254 m2 and 42 parking spaces, a rare feature amongst similar office buildings in this area of Madrid, which is an important business centre. (…).
The €30 million from CaixaBank will be allocated to the acquisition of new property, focusing on the main financial districts in Madrid and Barcelona, in line with its existing portfolio, 40% of which comprises office buildings in the CBDs of Madrid and Barcelona.
In just over one year, Axiare Patrimonio has invested €805 million in 11 operations and has whereby acquired 28 assets in the Spanish tertiary real estate sector, primarily in Madrid and Cataluña. 73% of the company’s real estate portfolio corresponds to Class A offices, 18% is represented by logistics platforms and 9% comprises other tertiary use assets, such as shopping centres and retail stores.
As at 30 June, the company’s portfolio had increased in value by 11% according to a certificate issued by the real estate consultancy CBRE, in accordance with RICS (Royal Institution of Chartered Surveyors) standards and published in the CNMV.
Axiare Patrimonio’s investment objective, which is described in the company’s strategic plan, focuses on the acquisition of assets that are classified as or have the potential to become Class A rated, and that require active management in the most sought-after areas of Barcelona and Madrid; logistics assets in the main distribution corridors; and shopping centres and outlets across Spain.
Original story: El Confidencial
Translation: Carmel Drake